GCB5 to GCB4 - Salary Negotiations?

[DragonZilla]

Wow so what i get out of discussion is that i should try to negotiate to get as much as possible and then leave the bank. Jump around to increase the salary and then join back with high salary.

[RobRoy]

Wow so what i get out of discussion is that i should try to negotiate to get as much as possible and then leave the bank. Jump around to increase the salary and then join back with high salary.

I think do 2 years in this role, to get the experience under your belt, market is shit now anyways. Then start to look around.

[DragonZilla]

Thanks yeah that makes sense. Market does seem shit right now. Can i also confirm the amount we were discussing earlier i.e 1M HKD or 1.4M HKD, is it including bonus and benefits or was it just basic pay? I am sure HR is trying to outsmart me by throwing Benefits and Variable pay as part of my salary

[chobochobo]

I think they are already living in HK on the current salary.

Sorry, it was related to a post a few weeks ago. I should have tagged it with /S

[Peaky]

Thanks yeah that makes sense. Market does seem shit right now. Can i also confirm the amount we were discussing earlier i.e 1M HKD or 1.4M HKD, is it including bonus and benefits or was it just basic pay? I am sure HR is trying to outsmart me by throwing Benefits and Variable pay as part of my salary

Basic pay. But remember (and this applies more the higher you go) GCB 4 covers a wide range. If you do well and stay your next promotion in x years won't be a GCB 3 role, but a bigger or broader GCB 4 role. You won't get anywhere pitching for 1m+ base.

IIRC you'll get a bit more holiday and your on target VP in the new grade should also be a higher percentage of your base than at GCB5. This will all (rightly) be pitched by HR as part of the uplift in your total comp... you're still the same person working broadly the same hours when you cut over to the new role so you can't expect to double your pay overnight

As for moving around... you've stayed put for 10 years for a reason. Maybe you like the environment and security, maybe you like the benefits, maybe you like the people and the relationships and credibility you have built, maybe you just like the big brand, maybe you just really like red. Moving gets you a premium because there is always a risk of it not working out, and there is usually a trade off somewhere. It all makes the world go around.

[aw451]

Honestly with HK's economy, I wouldn't be jumping around too much in banking since there have been a bunch of layoffs, not least in HSBC. Who knows what this year brings, but there is little evidence things will get better.

This promotion is a good opportunity to gain some experience and get a moderate pay rise.

[Shiojiri Hiro]

agree with all these comments. HR Are not 'out to get you' by the way...the budgets are not held by HR. And you should also be aware of what your worth is in the market place (ie how much would you get paid for a similar role in another org) so that should also inform your decision.

The other part at HSBC in hk is whether/how likely would you make gcb3. Thats when the school fees benefit kicks in. that's a valuable benefit if you have kids.

I dont know if they still have this, but when i was there, they had a 'club joining benefit' of up to HKD200k in joining fees. it's written off after 2 years so if you plan on sticking around and have a club you want to join then this is a good benefit to have too. good luck!

[DragonZilla]

Thanks everyone for their advise.Very helpful. I think i have some idea now on how to negotiate.

[alexdown]

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[austrider]

Sounds like even you are GCB5, you are not a FM as you’ve no idea how the FP and budgets are determined and set.

If this is a promotion then your FM should know the budget. Have a candid chat on what’s reasonable and realistic.